Monopoly Power and Price Rigidities

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Abstract
I. Some shortcomings of the usual explanations of price rigidities, 456.—The method of attack on the problem, 459.— II. The coexistence of monopoly power and rigid prices, 459.— III. The nature of the monopoly equilibrium and of the movement between positions of monopoly equilibrium as “causes” of rigidity, 463.— IV. The choice of rigid prices, as such, under conditions of monopoly power: 1. As an aid to oligopoly adjustment, 466; 2. As an aid to resale price maintenance, 468; 3. As result of the use of average costs in pricing, 470; 4. As result of monopoly inertia, 472. — V. Conclusions and bearing on public policy, 473.

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